While credit conditions are still expected to weaken compared to their strong position in the last few years, bank economists have come to view the situation with more optimism due to better economic growth.
The Massachusetts Bankers Association is voicing support for a lawsuit filed by national bank trade groups earlier this week over stringent and what the national groups call “counterproductive” changes made to Community Reinvestment Act rules.
Two national studies show that US bank consumers are shifting their preferences more to digital banking platforms, both mobile and online, instead of opting to go to branches – particularly to branches inside big retailers.
The final version of federal bank regulators’ latest attempt to bring the nation’s anti-redlining rules into the 21st century has been revealed after the Federal Reserve Board of Governors voted Tuesday to issue a final rule revamping its Community Reinvestment Act regulations.
The top legal adviser at Swansea-based BayCoast Bank has been honored as an “emerging leader” by the American Bankers Association.
Bank economists see both credit quality and credit availability weakening over the fourth quarter of this year and the first quarter of 2023 as consumers and businesses find it hard to keep up with the current market conditions.
The Federal Reserve’s instant payments system launched today to support banks’ and credit unions’ immediate transfer of customer funds.
Banks are becoming less and less satisfied with the vendors providing their core banking technology even after four years of work by industry leaders to bridge gaps in how each side sees the other.
While less than half of U.S. banks said they were very or extremely satisfied with their core technology provider, these vendors overestimated their effectiveness in helping banks, according to the American Bankers Association.
Following President Joe Biden’s reference in the State of the Union address to reducing bank overdraft and credit card late fees, industry trade groups said the president had provided “misleading” information about the fees.
The Biden administration’s push to crack down on so-called junk fees that banks and other companies charge their customers is being met with withering criticism from banking groups.
The Consumer Financial Protection Bureau’s initiative to improve customer service at large banks and credit unions rests on a shaky legal foundation, banking trade groups say.
The Biden administration’s new executive order on cryptocurrency has raised concerns among banking trade groups that the U.S. could create its own digital currency.
Citing billions of dollars that households spend annually on “exploitative junk fees,” the Consumer Financial Protection Bureau launched an initiative Wednesday to reduce the fees charged by banks, credit unions and other financial companies.
The Federal Reserve on Thursday released a highly anticipated report on central bank digital currencies that suggested it is leaning toward having banks and other financial firms, rather than the Fed itself, manage digital accounts for customers.
After holding the job as acting director since June, Sandra L. Thompson has been nominated to become the Federal Housing Finance Agency’s permanent director.
Democrats have updated a Biden administration proposal that would require that banks and credit unions report account activity to the Internal Revenue Service, but trade groups remain opposed to the plan.
The yearslong effort to update the Community Reinvestment Act will continue, this time with the three federal banking regulators working together, a move supported by both banks and community organizations.
President Joe Biden signed an executive order on July 9 targeting what he labeled anticompetitive practices in banking and other parts of the economy, declaring it would fortify an American ideal “that true capitalism depends on fair and open competition.”
As millions of Americans – many of them Black – celebrated the landmark arrival of a federal holiday marking Juneteenth Friday, many in the mortgage industry were scrambling.
